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Development initiatives available

February 18, 2007|by TAMELA BAKER

A number of initiatives for developing businesses or residences in downtown Hagerstown are available through the city government. Here are a few.

· Enterprise Zone tax credits - property tax credits for creation of commercial space and jobs.

· Sign and facade grants - matching grants of $300 for signs and $1,000 for facade work in the C3 district.

· Smart Growth Arts and Entertainment District - property tax credits for creating arts and entertainment spaces, admission and amusement tax exemption for eligible activities, income tax subtraction for artists working in the district.

· Hagerstown Revolving Loan Fund - gap financing for existing or new businesses to create or retain jobs, or improve the economic condition and tax base within the city.

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· Single-family Rehab Program - loans for rehabilitation of owner-occupied dwellings. Income requirements apply.

· Residential Rental Rehab Program - loans for rehabilitation of up to four units in rental properties. Income requirements apply.

· Downtown Residency Initiative - assistance for professionals who live within two blocks of Public Square.

Professionals buying homes can receive up to $1,500 toward the purchase, and renters can receive up to $1,200 per year through the program. There are no income limits tied to the program.

For information, call the Department of Community Development at 301-739-8577, ext. 136.

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